The Hindu Business Line : DLF, Unitech, ICT in race for Noida mega land auction

As many as three companies including DLF Universal, Unitech and ICT Infrastructure have submitted technical and financial bids for what is being billed as the country's biggest land auction in Noida (near Delhi).

The Noida Development Authority would evaluate the technical bids in the next 10-12 days, before opening the financial bids for 300 acres of land that analysts say can fetch anywhere between Rs 3,000-5,000 crore.

"The process is currently on and the technical bids were submitted and opened today. Three companies DLF, Unitech HiTech Developers and ICT Infrastructure are in the race. The technical criteria is being examined and we will open the financial bids after that," Mr Ravindra Naik, Additional CEO of Noida Authority, said here.

He said a technical committee comprising four officials would examine if the eligibility criteria was being met by these companies. "The companies have also given the financial bids, and that will be opened after the technical scrutiny," he said.

Floor price

About 33 parties had taken the tender document initially, he said adding that the floor price for the land was pegged at Rs 5,740 per square metre. Mr Naik declined to comment on the realisation that could accrue to Noida Authority from auction of the land.

"If we get bids above this price, we will accept, and if the bids are lower than the stipulated price, we will not consider them," he said adding that the highest bidder would clinch the deal.

When contacted Dr Vijay Vancheshwar, Vice-President, Corporate Communications, DLF Universal, confirmed that the company had thrown its hat in the ring for the entire 300-acre land parcel. The other two firms Unitech and ICT could not be contacted for comments.

Real estate developer Parsvnath Developers Ltd decided to pull out of the race at the last moment. "We withdrew at the last moment as we thought that the kind of figure that is being quoted by analysts, may make the cost of the project unviable," Mr Pradeep Jain, Chairman of Parsvnath Developers, said.

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